Sarissa Capital Urges Amarin Shareholders to Vote the Blue Card by February 22 to Fix Amarin for the Benefit of Shareholders
Sarissa Capital Management LP (“Sarissa”) today issued the following letter to fellow shareholders of Amarin Corporation plc (NASDAQ: AMRN):
Dear Fellow Amarin Shareholders:
Amarin shareholders face an important decision at our upcoming shareholder meeting. Amarin has an incredibly valuable asset in Vascepa/Vazkepa, a drug that can meaningfully reduce cardiovascular events in patients and save significant resources for health systems worldwide. The value of Vascepa, however, has been wasted by the company due to mismanagement and poor capital allocation decisions.
In 2022 alone, Amarin’s stock declined over 64%, wiping out more than $840 million of shareholder value.*
Sarissa is one of the largest shareholders at Amarin because we, like you, believe in Vascepa and its potential. Sarissa has a track record of creating significant shareholder value in healthcare companies, including in the cardiovascular space with The Medicines Company. Perplexingly, the company refuses to add us to the board even though the company acknowledges that change is necessary.
We are seeking to remake the board by removing Chairman Per Wold-Olsen and adding shareholder representatives who we believe will help maximize shareholder value. Our slate, including Sarissa candidates that helped turn around The Medicines Company until its ultimate sale for nearly $10 billion, has the qualifications and the experience to help guide Amarin through this critical period. Most importantly, our candidates will work collaboratively with the company to ensure that Amarin is run for the benefit of shareholders.
VOTE THE BLUE CARD “FOR” THE ELECTION OF THE SARISSA NOMINEES AND “FOR” THE REMOVAL OF CHAIRMAN PER WOLD-OLSEN BEFORE THE DEADLINE TO VOTE – 10:00 A.M. NEW YORK TIME ON FEBRUARY 22, 2023. INTERNET AND TELEPHONE VOTING MUST BE COMPLETED NO LATER THAN 11:59 PM NEW YORK TIME ON FEBRUARY 21, 2023.
Under the current regime, Amarin’s mismanagement has led to tremendous destruction of shareholder value.
- In 2022, Amarin’s stock price declined over 64%, wiping out more than $840 million of shareholder value.*
- In June 2022, Amarin was 6 months late to announce cost cuts in the US despite the market disruption by the expected entrant of a third generic. The result was an immense but avoidable destruction of shareholder capital.
- Almost two years after Vazkepa was approved in Europe, investors still have little visibility into future European revenues.
- Management could not obtain approval in Germany for Vazkepa reimbursement even though Germany could save a significant portion of the >€28 billion that it spends annually on cardiovascular disease with the use of Vazkepa.†
- Investors just learned from a recent slide presentation that the launch in France, another key market, may be delayed until 2024, approximately 3 years after European approval.
- In 2022, the company promised to launch in up to “six key European markets” (only launched in five, of which only one is a major market, namely the UK) and obtain pricing and reimbursement in up to eight European markets (only secured 5, of which only 3 were national reimbursements).
Despite these blunders, Amarin has the audacity to state publicly, “the Company made solid progress in 2022, against its strategic objectives.”